China says promise of more money for Venezuela part of ‘mutually beneficial cooperation’

Premier Li Keqiang says Beijing will support South American country’s efforts to develop its economy, improve people’s livelihoods

PUBLISHED : Friday, 14 September, 2018, 10:03pm

UPDATED : Friday, 14 September, 2018, 11:08pm

by Teddy Ng

This article appeared in the South China Morning Post print edition as: Beijing promises financial support for Venezuela

China on Friday extended its offer of financial support to Venezuela as the South American nation’s President Nicolas Maduro arrived in Beijing for talks with Chinese President Xi Jinping and other leaders.

Developing relations with Venezuela was a strategic decision for China, Xi said during the meeting, extracts of which were shown by state broadcaster CCTV.

“China and Venezuela have to enhance friendly mutual trust and push for mutually beneficial cooperation,” he said.

Maduro was in Beijing mainly to seek economic cooperation for his country, which is mired in debt and battling hyperinflation.

Over the past decade, China has loaned US$50 billion to Venezuela, and while Caracas has been gradually paying off that debt with oil shipments, it still owes Beijing about US$20 billion.

Earlier in the day, Maduro visited Mao Zedong’s mausoleum in Beijing’s Tiananmen Square, where he bowed three times before laying a wreath and hailing the founder of the People’s Republic of China as a “giant of the homeland of humanity”.

“We are beginning this state visit in the best way because we have come to pay tribute to the great helmsman Mao Zedong,” Maduro said in comments broadcast by Venezuela’s official VTV network.

“I was very moved because it really reminds me of one of the great founders of a multipolar 21st century,” he said, adding that Mao had been a “giant of revolutionary ideas”.

In a separate meeting, Chinese Premier Li Keqiang said bilateral relations between Beijing and Caracas had good momentum.

“China will provide assistance to Venezuela within its capacity,” he said in the CCTV footage. “China will support Venezuela’s efforts to develop its economy and improve people’s livelihoods.”

But Li also called on Caracas to improve its policies and legal protection for Chinese businesses operating in Venezuela.

During the talks, the two nations signed a memorandum of understanding with regards to cooperation on China’s “Belt and Road Initiative” – a massive development programme Beijing initiated to boost infrastructure and trade links with more than 65 countries and regions.

Maduro also met Chinese Foreign Minister Wang Yi and National Development and Reform Commission chairman He Lifeng.

While no information was released about the deals the two nations reached, Venezuelan consultancy Ecoanalitica said Maduro may return home with a new US$5 billion loan and a six-month extension to the grace period to service Venezuela’s existing debts.

The Venezuelan government has been desperately trying to curb soaring inflation, with a series of measures including devaluing its currency, which shaved five zeros off the value of the bolívar, and raising the minimum wage by 3,500 per cent.

The International Monetary Fund projects Venezuela’s inflation rate will reach 1 million per cent by the end of the year.

Maduro’s trip comes as China is seeking to extend its presence in Latin America, with investment pledges totalling US$500 billion. The United States has expressed its concern at Beijing’s moves, with former secretary of state Rex Tillerson warning of China’s “imperial ambitions” in the region.

But Xi told Maduro that China’s relationship with Latin America was based on the principle of equality.

Maduro’s trip to China is his first outside the country since he was allegedly targeted by exploding drones while watching a military parade in Caracas on August 4.

Additional reporting by Agence France-Presse

More info: https://www.scmp.com/news/china/diplomacy/article/2164321/china-says-promise-more-money-venezuela-part-mutually
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MIAMI HERALD - Desperate for cash, Venezuela threatens to sue its neighbors
BY JIM WYSS

September 14, 2018 02:30 PM

BOGOTA, COLOMBIA 

As Venezuelan President Nicolás Maduro spends the weekend in China nailing down a $5 billion emergency loan, his cash-strapped administration is floating another money-making scheme: suing its neighbors. 

In recent days, Maduro and his cabinet have said they might sue Colombia, Ecuador and Perú for their “xenophobic” treatment of Venezuelan migrants. And on Tuesday, Maduro ordered his justice department to sue Colombia to claw back money he says his administration has spent providing social services to millions of Colombians living in Venezuela. 

The legal threats come as Venezuela seems increasingly desperate for cash. Once wealthy, the country is being slammed with chronic food and medicine shortages. Its foreign cash reserves are at their lowest levels since the 1980s. And oil output, the country’s lifeblood, is down to levels not seen since a 2002 oil-worker strike. In addition, U.S. sanctions have been keeping the country from finding fresh funds. 

That could change this weekend, with Maduro in Beijing finalizing a $5 billion loan the government says it will use to boost crude production.

More info: https://www.miamiherald.com/news/nation-world/world/americas/venezuela/article218324270.html
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Colombia Takes Lead in Latin Incentives Surge...

Colombia Takes Lead in Latin Incentives Surge...

Producers are being pulled south by nation's tax breaks

When producer Mike Medavoy was pondering where to shoot "The 33," the feature centered on the 2010 mining accident in Chile that left 33 men trapped underground for 69 days while the world followed their plight on TV and social media, he faced several choices. One was to shoot the film entirely where it took place: Chile.

Another was to split the shooting between Chile and Colombia; Chile offers no tax incentives, while the Colombian government recently passed a law that lets producers save up to 40% on production and post-production services and an additional 20% on lodging, transportation and meals if they hire local production service companies.

For producer Robert Katz of Half Circle, the banner producing "The 33," the decision was a no-brainer. He says the movie will save a significant chunk of change by shooting partly in Colombia. In addition to the government incentives, he says, "rates in Colombia are very competitive for crews, as are other costs. It's much less expensive to shoot there than in the U.S., and even Chile, and it makes all the difference on whether you can make the movie or not."

"The 33" is now in pre-production, and shooting is slated to start Nov. 25, with production almost evenly split between the two South American countries. Patricia Riggen will direct an ensemble cast that includes Antonio Banderas.

As different jurisdictions vie for a slice of the worldwide production pie, some territories are outdoing each other in the race to attract film producers. Led by Colombia, Latin America has introduced some of the most aggressive programs.

And in Colombia, those efforts have paid off, according to Joe Chianese, exec VP of Entertainment Partners, the production payroll firm that also advises producers on state and national incentive programs and calculates comparative budgets based on shooting locations. "The incentive is barely a year old, and I've gotten maybe two dozen phone calls from people looking at Colombia," says Chianese. "The country has a perception issue dating from the '80s drug-lord culture, but the film commission has done a good job of changing those perceptions."

Chianese notes that other parts of Latin America — helped by more favorable exchange rates, growing economies and improving public safety — have also emerged as major shooting destinations. This includes Brazil, the largest Latin territory. And in the Caribbean, where Puerto Rico has long lured productions from the U.S. mainland with tax breaks and scenery, the Dominican Republic has also thrown its hat in the ring, bolstered by a newly built soundstage complex courtesy of U.K.-based Pinewood Studios.

On the other hand, Mexico, which also offers incentives, is today afflicted by drug wars the way Colombia was a decade ago. Despite scoring some recent gets, such as the Matt Damon starrer "Elysium," "the country is truly suffering from a safety issue," Chianese says.

"A lot of the kinds of movies that used to go to Mexico are now coming here," says Colombian film commissioner Silvia Echeverri. "We had to pass through the same history." Her office supports the year-old incentive program with tours inviting producers from the U.S. and elsewhere to visit Colombia and learn first-hand what resources are available, including production service companies, crews and locations.

But there are also limits to Colombia's incentives and resources. Consultant Jason Resnick, whose clients include film distributors and Colombia's Proimagenes film promotion agency, notes that the new incentive applies to features but not to TV series. "Colombia has a robust TV industry," he says. "If the incentive applied to television, all the local TV production companies would start applying for it."

Another shortcoming: Colombia has no large, sophisticated soundstages that could house major feature productions.

"We don't have huge studio areas needed for big films," commissioner Echeverri acknowledges. "But if a film is not huge we can offer TV production space in Bogota. But we mainly offer our crews and locations."

Thank you Variety

More info:
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